IVA Help and IVA Advice
IVA Individual Voluntary Arrangement
IVA An alternative solution to bankruptcy
Learn more about Individual Voluntary Arrangements from our debt advisors
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An IVA is a legally binding agreement which protects you against any further action from your creditors. Once you’ve committed to an IVA, you could write off debt in sixty months.
With an IVA you agree with your creditors to paying only what you can afford in a single payment each month over the period of five years. Your creditors agree to write off your debt which you’re not able to repay and they will leave you alone.
Video Player – What is an IVA?
View and learn about Individual Voluntary Arrangements, or IVAs, the main alternative debt solution to bankruptcy.
Do You Qualify?
Take a look at our Individual Voluntary Arrangement section, this could be a better alternative to manage your debts. While a Debt Management Plan can sometimes be an option, it is not legally binding and the people you owe money to can later change their minds if they wish, unlike with an IVA.
Talk to us for professional debt advice you can really trust.
Making An IVA Work For You
It’s up to your Individual Voluntary Arrangement provider to negotiate with people you owe money to and develop a legally binding proposal involving lower affordable monthly payments for you. The Individual Voluntary Arrangement will usually last for five years, after which all outstanding debts will be written off.
Call us now on 0800 083 1433 for an initial chat about your own financial situation.
Calls from mobiles and other networks to 0800 numbers may incur a charge. When you speak to us, ask us to call you back so that you do not have to pay for the call.
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Mrs H LockleyDebt: £44,000
Solution: IVA
IVA Help and Advice
When your debts become significant and you can’t afford to make the repayments bankruptcy can become a real possibility, an IVA or Individual Voluntary Arrangement is often a really good alternative. IVAs were introduced in the 1980′s as a way of creating a binding contract between individuals and people you owe money to, to pay smaller manageable repayments over a period of time, normally 5 years. The IVA will also prevent you from incurring further interest, and will stop the repayment chasing letters and phone calls. In addition your home will be protected as long as the terms of the IVA were being adhered to.
To find out whether an IVA is the best debt solutions for you, you will require an assessment of your current financial position. An Insolvency Practitioner will need to present your IVA proposal to the people you owe money to, and it will need to be agreed by the majority of people you owe money to. If your IVA is not agreed then another debt solution relevant to your situation will need to be considered.
Debt Free Direct is officially the UK’s Number 1 IVA Company. A fact that we are proud of. However, we are committed to offering consumers our best advice, and if a Voluntary Arrangement (IVA) is not the best debt solution, we will recommend a more suitable one.